‘No vacancies’ signs go up in New York as dollar demand goes through the roof
Dollar frenzy has hit the high street with sales of the US currency now up 87 per cent on the same period last year for the Post Office®, the UK’s largest provider of foreign currency.
But UK holidaymakers hoping to cash in on the dollar crisis and book a Christmas shopping trip to the USA will have to look beyond the traditional favourite, New York, where most affordable hotels have already hung out the ‘no vacancies’ signs. New York flights are also heavily sold – with little or no availability for weekend trips.
The solution for shopaholics keen to snap up bargains Stateside, says the Post Office®, is to consider rival cities. Las Vegas, Boston, Chicago and Miami all have shops to rival New York and plenty of pre-Christmas hotel availability.
Post Office® head of travel services Helen Warburton said: “Bargain hunters with more pounds in their pockets after sterling breached the USD 2 watershed can make significant savings on iPods and Playstation 3s, designer jeans and fashion accessories just as easily in cities like Las Vegas and Boston as in New York.”
With the pound riding higher against the US dollar than at any time since 1981, the latest Post Office® data suggests that record numbers are planning to head off across the Atlantic.
Dollar demand has risen steeply since the latest dollar crisis hit the headlines at the end of October. Post Office® sales had been running at a healthy 37 per cent up on 2006 levels – but heavy demand over the past fortnight has fuelled a much larger increase of 87 per cent over the same period in November 2006.
When they reach the US, UK shoppers can expect to make savings of 33 per cent on purchases.² In a survey of 10 Christmas favourites – including music and games players, digital cameras, fashion items and beauty products – the Post Office® found savings on US purchases averaging one-third. The biggest saving – of 55 per cent – was on a digital camera – GBP 169 in the UK but just GBP 75 in the States.
